EFS says the decision to combine the businesses forms part of its long-term strategy to expand their network proposition. Both brands will continue under the Mortgage Intelligence Holdings umbrella.
Mortgage Intelligence managing director Sally Laker will become MD of the umbrella company and will be responsibile for running the combined business.
European Financial Solutions chief executive Tony Machin says: “The combining of Mortgage Intelligence and Mortgage Next provides us with a fantastic opportunity to grow and develop both businesses but at the same time maintain the same professional ethos and high quality membership.
“The bringing together of these companies will deliver significant benefits for current members and at the same time enable both brands to offer an even more attractive proposition to new members. It also enables both businesses to benefit from economies of scale.”
Laker says: “I am delighted with this deal and with being part of such a strong and dynamic organisation as European Financial Solutions. I am looking forward to working with a strong team to create the UK’s leading quality mortgage network.
“The two brands have a similar culture and deliver a quality service which means that as the overall size of the network increases we will continue to focus on servicing high quality brokers. I believe the deal is a great fit that will enable both networks to go from strength to strength.”
The new head office will be based in Bournemouth. The combined business will have around 500 appointed representatives and 12,000 directly authorised brokers.